This week, three major Hong Kong insurance firms unveiled new policies designed to help residents access medical services across the Greater Bay Area. These plans are aimed at catering to the city’s expanding senior population, with the government pushing for greater regional integration. The insurers, BOC Group Life Assurance, FWD Group, and Prudential Hong Kong, introduced these initiatives to support the growing demand for healthcare options among retirees in the Bay Area, which includes Hong Kong, Macau, and nine cities in Guangdong province, such as Shenzhen and Guangzhou.
According to government data, around 88,000 Hong Kong residents aged 65 or older were living in the province as of 2022, marking an 11 percent increase since 2017. The Greater Bay Area plan, launched by Beijing in 2019, is part of a broader initiative to create an economic powerhouse by 2035, with the goal of providing an environment conducive to cross-border retirement for Hong Kong and Macau residents.
Wilson Tang, CEO of BOC Life, noted that mainland cities offer a high quality of life combined with lower living and healthcare costs, making them an attractive option for retirees. BOC Life has partnered with C-MER Medical Holdings to deliver comprehensive healthcare and insurance services to retirees across the Bay Area, aiming to create a seamless, cross-border healthcare experience.
FWD Group introduced two insurance packages targeting the Bay Area on Tuesday. One offers outpatient services such as general consultations and traditional Chinese medicine, while another, aimed at high-net-worth individuals, provides global coverage with no benefit limits and access to over 300 hospitals across mainland China.
Prudential Hong Kong also made strides by collaborating with Foshan Fosun Chancheng Hospital to facilitate pre-approvals for policyholders to use the hospital’s services, with bills being directly sent to the insurer. A survey by the Hong Kong Federation of Youth Groups found that 30 percent of Hong Kong residents had sought medical treatment in mainland China, underscoring the growing demand for cross-border medical insurance.
As of 2023, seniors aged 65 and above accounted for 22 percent of Hong Kong’s population, with life expectancy having increased significantly over the years. The new insurance offerings reflect the growing need for medical protection that spans across Hong Kong, Macau, and mainland China, as more seniors look to retire in the Greater Bay Area.
READ MORE: